Gold prices gain as dollar hits new high after US Fed rate hike

Indian equity benchmarks BSE Sensex and NSE Nifty50 also fell on Thursday tracking weakness across global markets, as investors digested another supersized rate hike by the Fed. Losses in financial, IT and oil and gas pulled the headline indices lower, though gains in FMCG stocks lent some support.

Meanwhile, oil rebounded on Thursday after shedding one percent in the previous session as concerns over tight supplies heading into winter eclipsed fears of a global recession. Brent crude futures rose 50 cents, or 0.6 percent, to $90.33 per barrel by 0319 GMT, recouping their losses in early Asia trade, as per Reuters.

The US central bank on Wednesday night hiked interest rates by 75 basis points for a third straight time and signalled that borrowing costs would keep rising this year. Following the development, Fed Chair Jerome Powell vowed that he and his fellow policymakers would "keep at" their battle to beat down inflation, as

This came on the same day President Vladimir Putin ordered Russia's first partial wartime mobilisation amid its invasion of Ukraine in February.